A special meeting of shareholders at Empire Resorts Inc., a U.S.-based casino operator, on Wednesday approved a deal in principle to merge the company with companies controlled by the family of Malaysian gaming dynasties Lim.
The move is part of a move to take the losing Empire resort private, according to an earlier regulatory filing with Bursa Malaysia by casino operator Genting Malaysia Bhd.
Empire Resorts owns and operates Resort World Catskills, a casino complex in upstate New York about 90 miles (144 km) from New York City.
The company also owns and operates Monticello Raceway, a horse racing facility in Monticello, upstate New York.
Shareholders also nodded to executive compensation on Wednesday that if the merger was completed, "it could be paid to the company's nominated executives under an existing contract with the company."
Earlier this month, Genting Malaysia, the operator of casino complexes in its home country as well as gaming venues in the U.S., Bahamas, the U.K., and Egypt, finalized a 38.3% stake acquisition in Empire Resort. The $128.6 million deal was announced in August.
Under the plan, affiliates of Kien Huat Realty III, a family trust of businessman Lim Kok Thai, the Malaysia-based casino and plantation giant and controlling shareholder of Genting Group, the parent of Genting Brands, were acquiring outstanding shares held by minority shareholders at Empire Resorts for $9.74 per share.
The deal will then lead to the privatisation of the Nasdaq-listed Empire Resort through a joint venture between Genting Malaysia and Kien Huat Realty III.
In October, a minority shareholder at Empire Resorts sued the company, alleging that its shares in the group were undervalued under the terms of the privatisation bid. Genting Malaysia Bhd said the lawsuit was "unprovoked". 파워볼사이트
Empire Resorts has been losing money for several years. The company posted a net loss of nearly $138.8 million for the fiscal year ended Dec. 31, 2018.
![A special meeting of shareholders at Empire Resorts Inc., a U.S.-based casino operator, on Wednesday approved a deal in principle to merge the company with companies controlled by the family of Malaysian gaming dynasties Lim.
The move is part of a move to take the losing Empire resort private, according to an earlier regulatory filing with Bursa Malaysia by casino operator Genting Malaysia Bhd.
Empire Resorts owns and operates Resort World Catskills, a casino complex in upstate New York about 90 miles (144 km) from New York City.
The company also owns and operates Monticello Raceway, a horse racing facility in Monticello, upstate New York.
Shareholders also nodded to executive compensation on Wednesday that if the merger was completed, "it could be paid to the company's nominated executives under an existing contract with the company."
Earlier this month, Genting Malaysia, the operator of casino complexes in its home country as well as gaming venues in the U.S., Bahamas, the U.K., and Egypt, finalized a 38.3% stake acquisition in Empire Resort. The $128.6 million deal was announced in August.
Under the plan, affiliates of Kien Huat Realty III, a family trust of businessman Lim Kok Thai, the Malaysia-based casino and plantation giant and controlling shareholder of Genting Group, the parent of Genting Brands, were acquiring outstanding shares held by minority shareholders at Empire Resorts for $9.74 per share.
The deal will then lead to the privatisation of the Nasdaq-listed Empire Resort through a joint venture between Genting Malaysia and Kien Huat Realty III.
In October, a minority shareholder at Empire Resorts sued the company, alleging that its shares in the group were undervalued under the terms of the privatisation bid. Genting Malaysia Bhd said the lawsuit was "unprovoked". [url=https://www.outlookindia.com/outlook-spotlight/2024-powerball-site-recommended-ranking-safe-powerball-real-time-game-site-top15-news-334143]파워볼사이트[/url]
Empire Resorts has been losing money for several years. The company posted a net loss of nearly $138.8 million for the fiscal year ended Dec. 31, 2018.](https://www.geogebra.org/resource/pucs35ey/pgo2hbBDpckPBib6/material-pucs35ey.png)